Daily Market Commentary

November 20, 2023

Bonds & Stocks
Benchmark 10-year yields rose, remaining below 4.5%. The S&P 500 was little changed after the market notched its third straight week of gains — the longest run since July. Microsoft Corp. climbed after the software giant hired OpenAI co-founders Sam Altman and Greg Brockman to lead its new in-house advanced artificial intelligence research team. The dollar fell toward the lowest since August.

The US is making “considerable progress” in bringing down inflation, which is especially notable given the labor market remains strong, Treasury Secretary Janet Yellen said Monday. The annual inflation rate, as measured by the government’s consumer price index, has dropped to 3.2% in October from its 2022 peak of more than 9% after the Federal Reserve embarked on an aggressive campaign of interest-rate increases to cool price pressures.

Libertarian outsider Javier Milei won Argentina’s presidency promising a radical shakeup to fix decades of policy mismanagement, a strategy that resonated with a populace suffering under a nosediving economy and one of the world’s fastest inflation rates.

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